IDFC First Bank offers personal loans for loan amounts up to Rs.1 crore to meet all your several financial needs (wedding expenses, unforeseen medical bills, vacations, home renovation, etc.) they provide you with an unsecured personal loan with starting interest rate of 10.49% p.a. onwards including flexible loan tenure up to 5 years.
IDFC Bank also facilitates the balance transfer of existing personal loans/credit cards availed from another lender to IDFC First Bank at attractive interest rates. You can also get speedy and hassle-free personal loans through the digital process.
You can get a Personal Loan top-up on your existing loan instead of another loan.
Flexibility to make up to 40% of part payment.
Key information of IDFC First Bank personal loan
Borrower can avail of the loan amount of up to Rs.1 crore from IDFC First Bank.
Maximum loan repayment tenure is up to 60 months or 5 years.
IDFC bank personal loan interest rate may vary from 10.49% to 25% per annum.
Processing fee is up to 3.5% of the applicable loan value.
Individual age limit must vary between 23 years to 65 years.
Salaried or Self-employed professionals can apply.
What are the IDFC Personal Loan Eligibility Criteria?
IDFC First Bank provides personal loans to both salaried and self-employed professionals. Both have different eligibility standards to avail of personal loans from them.
Salaried Applicants/BorrowerSelf-employed Applicants/BorrowerThe minimum required age is 23 yearsMinimum required age is 25 yearsMaximum Age Limit- At the time of loan maturity – 60 years or retirement (whichever comes earlier)Maximum Age Limit- 65 years at the time of personal loan maturityMinimum monthly income- Rs.20,000The operating business must have been in existence for at least a period of 3 years.
Additionally, IDFC First Bank may also consider the CIBIL score, monthly income, EMI/NMI ratio, etc. while evaluating the personal loan eligibility criteria of applicants.
IDFC Bank Personal Loan Interest Rate
IDFC bank personal loan interest rate may vary from 10.49% per annum to 25% per annum.
Illustration- Sanya avails a personal loan for Rs.30 Lakhs, the interest rate is 15% and the repayment period is 36 months. Calculate monthly EMIs payable.
Sanya has to pay monthly EMIs of Rs.1,03,996 (principal + interest).
The Process to Apply for IDFC First Bank Personal Loan
You need to follow these mandatory steps to avail of a personal loan from IDFC First Bank.
Download App/Online Application- First you need to download Mobile Banking App to avail IDFC Bank personal loan through google playstore and login to IDFC First Bank and create your profile.
Fill in Necessary Basic Details- You need to fill in your basic details to check your loan eligibility. You need to clear the eligibility check before further processing the loan. Apply for the required loan amount.
Upload Mandatory Documents- To complete the KYC process and verification you need to upload all documents required by the IDFC First Bank for loan approval.
Online Personal Loan Disbursement- After the verification of all your personal information provided by you, the loan amount will be transferred within less duration to your bank account.
IDFC First Bank Personal Loan FAQs
What is the minimum Credit score required to avail IDFC First Bank personal loan?
IDFC First Bank personal loan application submission requires applicants or borrowers to have a credit score of 700 or more.
What are the restrictions on making pre-payment or foreclosure of IDFC first bank personal loan?
IDFC First Bank personal loan can accept personal loan prepayment/foreclosure only after payment of at least 12 EMIs, subject to 5% of the remaining principal amount.